9 East 38th Street

New York, NY

Project summary

Partner: Juster Properties

New York, NY

Total SF: 62,000


Juster Properties


  • Office & Ground Floor Retail
  • 101,000 SF (Original buildings)
  • 62,000 SF (Retained office building)


February 2013 – Current


  • Block through panhandle parcel with 22,000 SF of air rights
  • Well-located near Bryant Park, Grand Central and Herald Square
  • Office portion was undermanaged and in need of capital improvements
  • 5,000 SF floor plates well suited for single floor TAMI tenants
  • Pricing was 60% below replacement cost

Value Add / 

  • Split parcel, walled off 38thSt. building and sold the north portion (14-16 E. 39thSt.) and air rights to a Hotel Developer (See 14 E. 39thSt. for more information)
  • Executed a significant capital improvement plan including a new lobby, storefront, HVAC, entryway, elevators, bathrooms, and high-end pre-built program
  • Achieved rents $10 per SF higher than previously executed deals
  • Long term hold